FESCO floats its 15% new shares issue on July 23
Far-Easter Shipping Company PLC, part of FESCO Transport Group (RTS: FESH/FESHG) announces July 23 as the placement date of its additional shares issue.
FESCO Board of Directors set the placement price of preemptive rights for existing shareholders at RUR 16.83 (USD 0.66) per share. Shares offered to all other market participants will be placed at RUR 17.85 (USD 0.7).
Shareholders and investors will be offered the total of 306,509,000 new common shares, or 15% of the existing capital.
FESCO plans to raise USD$ 200 mln from the shares issue. These proceeds will be used to finance FESCO’s ongoing investment program, as well as to de-leverage the company.
“MDM-Broker” is the official broker for the open subscription part of the issue.
FESCO Transport Group is the largest inter-modal transportation group in Russia, which provides sea, railway and auto transportation of containers and bulk cargo, stevedoring services, icebreaking support and “door-to-door” logistical solutions for Russian and international clients. Founded in 1880 and incorporated in 1992, FESCO combines long-standing traditions of quality and reliability with innovation and sophistication to offer a broad range of tailored solutions to meet the most challenging clients’ demand on the modern transportation market. FESCO's shares are listed under the symbol "FESH/FESHG" on the Russian Trading System (RTS).